Pages

May 30, 2011

[Philippines'] Ongpin mining firm eyes Laos, Cambodia

[Philippine Daily Inquirer]

Atok-Big Wedge Co. Inc., the mining arm of the group of former trade
minister Roberto V. Ongpin, plans to deploy about P1 billion in idle
cash by acquiring potential mining assets not just in the Philippines
but also in Laos and Cambodia.

During the company’s annual
stockholders’ meeting last week, company president Mario Locsin said the
mining firm was now evaluating nickel, gold and copper opportunities to
make the most out of P1 billion in unused paid-up capital.

“Aside from the Philippines, there are opportunities overseas,” he told reporters.Mining
opportunities in Laos and Cambodia emerged as an offshoot of affiliate
Philweb Corp.’s burgeoning gaming operations abroad, Locsin said.
“Because of the Philweb gaming operations, the relationship was
developed and so, why not take a look?”

Locsin said Atok-Big
Wedge was now spending on overseas exploration and, if lucky, would be
able to identify commercially viable mining sites in these countries in
seven years.

“We don’t have mining rights yet. You don’t pay for
mining rights until you’re sure of the property’s potential,” he said.
“The conservative approach is really to get into a good project.”

Laos
and Cambodia were seen as good mining sites because of their proximity
to China, a big market for mineral exports, Locsin said.

Atok-Big Wedge also hopes to acquire a good domestic mining project within the year.

The
company is also studying its options to comply with the 10-percent
minimum public float required by the Philippine Stock Exchange to remain
listed on its bourse.

“We will address that,” he said. About 4.2 percent of AB’s stocks are held by the public.